TON Foundation Designates 11 Million Toncoin to Incentivize USDT Adoption on Its Network

The TON Foundation has unveiled a new incentive scheme in collaboration with Tether, aiming to boost the integration and usage of the USDT stablecoin within its network.

A recently issued statement by the foundation detailed an allocation of 11 million Toncoin (TON) specifically set aside to reward early adopters of USDT on the TON blockchain. This initiative seeks to foster broader adoption of the stablecoin by offering significant incentives for participation.

As part of the integration, the TON network will feature comprehensive on-ramps fully compatible with numerous global fiat currencies at its inception. Additionally, forthcoming features will include integrated off-ramps, allowing for straightforward withdrawals of supported fiat currencies directly into users’ bank accounts or cards.

In a breakdown of the allocation, the TON Foundation explained that 5 million TON are designated to enhance rewards within the liquidity pools of decentralized platforms such as DeDust and STON.fi. Another segment of 5 million tokens will be distributed to participants engaging in the Wallet’s Earn campaign using USDT.

Further enhancing user convenience, 1.2 million Toncoin will be used to facilitate fee-free withdrawals through centralized exchanges partnered with TON. This will enable users to purchase USDT or other blockchain-based assets and transfer them to the TON network without incurring any commission fees.

In terms of market response, Toncoin witnessed a substantial price fluctuation. Data from CoinMarketCap indicates that Toncoin’s price peaked at $7.21 before settling to $6.1 per coin, with a market capitalization standing at $22.3 billion. This volatility came in the wake of an announcement by Telegram Founder Pavel Durov that the messenger platform plans to tokenize stickers, offering sticker creators 95% of sales revenue through transactions facilitated by the TON blockchain.

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